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| Business Confidence Index Overall | 49.24,52.98,54.45,52.74,51.68,53.5 | Diffusion Index | 49.24 | 52.98 | 54.45 | 52.74 | 51.68 | 53.50 |
| Business Confidence Index - Industry | 47.88,52.19,51.97,51.34,50.31,49.89 | Diffusion Index | 47.88 | 52.19 | 51.97 | 51.34 | 50.31 | 49.89 |
| BCI - Manufacturing Sector | 48.32,52.45,53.07,51.48,50.78,50.01 | Diffusion Index | 48.32 | 52.45 | 53.07 | 51.48 | 50.78 | 50.01 |
| General Economic Condition-Current | 42.44,47.99,50.23,46.01,42.42,39.57 | Diffusion Index | 42.44 | 47.99 | 50.23 | 46.01 | 42.42 | 39.57 |
| General Economic Condition-Expected | 51.36,58.2,55.53,54.5,51.61,51.01 | Diffusion Index | 51.36 | 58.20 | 55.53 | 54.50 | 51.61 | 51.01 |
| Exchange Rate Expectations | 62.79,57.8,58.49,64.18,68.07,62.21 | Diffusion Index | 62.79 | 57.80 | 58.49 | 64.18 | 68.07 | 62.21 |
| Inflation Expectations | 63.66,57.69,59.83,65.83,69.61,65.45 | Diffusion Index | 63.66 | 57.69 | 59.83 | 65.83 | 69.61 | 65.45 |
| Production-Current | 44.34,44.92,50.54,46.82,49.27,48.64 | Diffusion Index | 44.34 | 44.92 | 50.54 | 46.82 | 49.27 | 48.64 |
| Production-Expected | 53.52,59.03,57.76,58.49,58.68,58.6 | Diffusion Index | 53.52 | 59.03 | 57.76 | 58.49 | 58.68 | 58.60 |
| Employment-Current | 46.71,48.24,49.69,49.73,48.87,48.41 | Diffusion Index | 46.71 | 48.24 | 49.69 | 49.73 | 48.87 | 48.41 |
| Employment-Expected | 51.55,56.33,54.67,53.32,53.82,53.85 | Diffusion Index | 51.55 | 56.33 | 54.67 | 53.32 | 53.82 | 53.85 |
| Demand for Credit-Current | 54.84,53.98,55.68,56.08,55.69,57.94 | Diffusion Index | 54.84 | 53.98 | 55.68 | 56.08 | 55.69 | 57.94 |
| Demand for Credit-Expected | 57.11,57.68,53.98,58.58,57.58,57.5 | Diffusion Index | 57.11 | 57.68 | 53.98 | 58.58 | 57.58 | 57.50 |
| Access to Bank Credit-Current | 54.03,50.1,52.52,54.61,56.16,54.3 | Diffusion Index | 54.03 | 50.10 | 52.52 | 54.61 | 56.16 | 54.30 |
| Access to Trade Credit-Current | 52.12,52.02,52.31,54.6,57.14,59.01 | Diffusion Index | 52.12 | 52.02 | 52.31 | 54.60 | 57.14 | 59.01 |
| Average Selling Price-Expected | 62.2,62.62,60.67,66.24,66.34,67.49 | Diffusion Index | 62.20 | 62.62 | 60.67 | 66.24 | 66.34 | 67.49 |
| Input Prices - Expected | 65.41,63.47,62.81,68.48,69.72,68.63 | Diffusion Index | 65.41 | 63.47 | 62.81 | 68.48 | 69.72 | 68.63 |
| Total Order Books-Current | 46.51,47.11,50.56,49.46,50.66,50.47 | Diffusion Index | 46.51 | 47.11 | 50.56 | 49.46 | 50.66 | 50.47 |
| Stock of Finished Goods-Current | 48.53,50.9,50.63,50.2,52.15,51.41 | Diffusion Index | 48.53 | 50.90 | 50.63 | 50.20 | 52.15 | 51.41 |
| Demand for Company's Product-Expected | 57.35,61.09,61.68,59.68,62.16,61.61 | Diffusion Index | 57.35 | 61.09 | 61.68 | 59.68 | 62.16 | 61.61 |
| Current Capacity utilization | 61.94,67.23,72.51,65.26,67.71,63.58 | Percent | 61.94 | 67.23 | 72.51 | 65.26 | 67.71 | 63.58 |
| Investment in machinery-Expected | 54.66,57.61,56.31,54.84,55.61,54.11 | Diffusion Index | 54.66 | 57.61 | 56.31 | 54.84 | 55.61 | 54.11 |
| Quantity of Raw Material Purchases-Current | 52.36,53.11,53.86,55.67,53.96,54.03 | Diffusion Index | 52.36 | 53.11 | 53.86 | 55.67 | 53.96 | 54.03 |
| Average Supplier Delivery Times-Current | 51.19,50.65,52.86,53.28,52.09,50.59 | Diffusion Index | 51.19 | 50.65 | 52.86 | 53.28 | 52.09 | 50.59 |
| Average Financial Conditions-Current | 45.28,49.03,52.84,51.16,49,51.17 | Diffusion Index | 45.28 | 49.03 | 52.84 | 51.16 | 49.00 | 51.17 |
| Input Inventory Turnover-Current | 49.7,49.67,51.13,51.39,50.59,49.28 | Diffusion Index | 49.70 | 49.67 | 51.13 | 51.39 | 50.59 | 49.28 |
| BCI - Construction Sector | 38.54,48.13,44.74,47.23,43.45,47.63 | Diffusion Index | 38.54 | 48.13 | 44.74 | 47.23 | 43.45 | 47.63 |
| General Economic Condition-Current | 27.08,33.75,37.5,51.32,30.95,45.83 | Diffusion Index | 27.08 | 33.75 | 37.50 | 51.32 | 30.95 | 45.83 |
| General Economic Condition-Expected | 52.08,52.5,58,45.59,48.81,47.92 | Diffusion Index | 52.08 | 52.50 | 58.00 | 45.59 | 48.81 | 47.92 |
| Exchange Rate Expectations | 56.25,58.75,58.67,65.63,67.86,64.58 | Diffusion Index | 56.25 | 58.75 | 58.67 | 65.63 | 67.86 | 64.58 |
| Inflation Expectations | 68.75,65,61.74,64.06,77.38,64.58 | Diffusion Index | 68.75 | 65.00 | 61.74 | 64.06 | 77.38 | 64.58 |
| Business Activity-Current | 29.17,50,27.04,51.56,35.71,43.75 | Diffusion Index | 29.17 | 50.00 | 27.04 | 51.56 | 35.71 | 43.75 |
| Business Activity-Expected | 45.83,55,55.1,46.15,50,54.55 | Diffusion Index | 45.83 | 55.00 | 55.10 | 46.15 | 50.00 | 54.55 |
| Employment-Current | 35.42,46.25,39.29,42.31,40.48,43.75 | Diffusion Index | 35.42 | 46.25 | 39.29 | 42.31 | 40.48 | 43.75 |
| Employment-Expected | 41.67,51.25,51.53,46.43,54.76,50 | Diffusion Index | 41.67 | 51.25 | 51.53 | 46.43 | 54.76 | 50.00 |
| Demand for Credit-Current | 56.25,50,44.9,55.36,52.5,47.92 | Diffusion Index | 56.25 | 50.00 | 44.90 | 55.36 | 52.50 | 47.92 |
| Demand for Credit-Expected | 52.08,55.26,50,55.36,55,45.83 | Diffusion Index | 52.08 | 55.26 | 50.00 | 55.36 | 55.00 | 45.83 |
| Access to Bank Credit-Current | 56.25,50,48.81,56.82,53.33,37.5 | Diffusion Index | 56.25 | 50.00 | 48.81 | 56.82 | 53.33 | 37.50 |
| Access to Trade Credit-Current | 50,47.73,51.14,60,51.79,41.67 | Diffusion Index | 50.00 | 47.73 | 51.14 | 60.00 | 51.79 | 41.67 |
| Average Selling Price-Expected | 56.25,57.89,67.86,75,63.1,62.5 | Diffusion Index | 56.25 | 57.89 | 67.86 | 75.00 | 63.10 | 62.50 |
| Input Prices - Expected | 60.42,66.25,66.33,69.64,70.24,62.5 | Diffusion Index | 60.42 | 66.25 | 66.33 | 69.64 | 70.24 | 62.50 |
| Average Supplier Delivery Times-Current | 37.5,53.75,33.16,42.86,45,43.75 | Diffusion Index | 37.50 | 53.75 | 33.16 | 42.86 | 45.00 | 43.75 |
| Average Financial Conditions-Current | 47.92,57.5,34.69,51.92,52.63,50 | Diffusion Index | 47.92 | 57.50 | 34.69 | 51.92 | 52.63 | 50.00 |
| Quantity of Raw Material Purchases-Current | 45.83,47.5,31.12,50,59.52,56.25 | Diffusion Index | 45.83 | 47.50 | 31.12 | 50.00 | 59.52 | 56.25 |
| Total Order Books-Current | 39.58,53.75,35.71,41.07,42.5,39.58 | Diffusion Index | 39.58 | 53.75 | 35.71 | 41.07 | 42.50 | 39.58 |
| BCI -Services Sector | 49.69,53.25,55.28,53.2,52.13,54.7 | Diffusion Index | 49.69 | 53.25 | 55.28 | 53.20 | 52.13 | 54.70 |
| BCI - Wholesale and Retail Trade sector | 45.08,52.57,55.48,55.93,50,55.83 | Diffusion | 45.08 | 52.57 | 55.48 | 55.93 | 50.00 | 55.83 |
| General Economic Condition-Current | 44.12,46.32,55.71,56.67,45.26,54.38 | Diffusion Index | 44.12 | 46.32 | 55.71 | 56.67 | 45.26 | 54.38 |
| General Economic Condition-Expected | 50.74,55.88,55.71,61.11,51.72,61.88 | Diffusion Index | 50.74 | 55.88 | 55.71 | 61.11 | 51.72 | 61.88 |
| Average Exchange Rate-Expected | 61.76,60.29,65,61.11,65.09,64.38 | Diffusion Index | 61.76 | 60.29 | 65.00 | 61.11 | 65.09 | 64.38 |
| Overall Inflation-Expected | 61.76,55.15,59.29,62.22,68.97,69.38 | Diffusion Index | 61.76 | 55.15 | 59.29 | 62.22 | 68.97 | 69.38 |
| Business Activity-Current | 38.24,48.53,48.57,51.11,43.97,51.25 | Diffusion Index | 38.24 | 48.53 | 48.57 | 51.11 | 43.97 | 51.25 |
| Business Activity-Expected | 52.21,62.5,59.29,58.33,59.05,59.38 | Diffusion Index | 52.21 | 62.50 | 59.29 | 58.33 | 59.05 | 59.38 |
| Total number of Employees-Current | 39.71,47.79,54.29,51.11,47.41,50.63 | Diffusion Index | 39.71 | 47.79 | 54.29 | 51.11 | 47.41 | 50.63 |
| Total number of Employees-Expected | 45.45,54.41,59.29,57.22,52.59,57.5 | Diffusion Index | 45.45 | 54.41 | 59.29 | 57.22 | 52.59 | 57.50 |
| - Business (services) Demand for Credit-Current | 53.03,62.5,56.62,57.22,55,53.57 | Diffusion Index | 53.03 | 62.50 | 56.62 | 57.22 | 55.00 | 53.57 |
| - Business (industry) Demand for Credit-Expected | 50.78,62.5,58.82,61.11,58.8,50.71 | Diffusion Index | 50.78 | 62.50 | 58.82 | 61.11 | 58.80 | 50.71 |
| Access to Bank Credit-Current | 44.32,62,53.57,53.05,54.44,47.86 | Diffusion Index | 44.32 | 62.00 | 53.57 | 53.05 | 54.44 | 47.86 |
| Access to Trade Credit-Current | 39.29,57.29,62.5,51.92,57.98,45.45 | Diffusion Index | 39.29 | 57.29 | 62.50 | 51.92 | 57.98 | 45.45 |
| Average Selling Price-Expected | 63.64,58.82,65,59.44,60.78,64.38 | Diffusion Index | 63.64 | 58.82 | 65.00 | 59.44 | 60.78 | 64.38 |
| Overall Prices of Purchases-Expected | 68.38,60.29,66.43,66.67,63.79,66.25 | Diffusion Index | 68.38 | 60.29 | 66.43 | 66.67 | 63.79 | 66.25 |
| Stock of Goods for Resale-Current | 50.78,58.33,53.13,52.91,53.95,55 | Diffusion Index | 50.78 | 58.33 | 53.13 | 52.91 | 53.95 | 55.00 |
| Average Supplier Delivery Times-Current | 50,56.62,53.03,59.09,56.9,54.38 | Diffusion Index | 50.00 | 56.62 | 53.03 | 59.09 | 56.90 | 54.38 |
| Financial Condition-Current | 43.38,51.47,54.29,52.22,54.31,54.38 | Diffusion Index | 43.38 | 51.47 | 54.29 | 52.22 | 54.31 | 54.38 |
| BCI - Other Services | 51.07,53.44,55.24,53.1,53.1,54.34 | Diffusion Index | 51.07 | 53.44 | 55.24 | 53.10 | 53.10 | 54.34 |
| General Economic Condition-Current | 48.01,48.96,49.33,44.73,44.73,47.82 | Diffusion Index | 48.01 | 48.96 | 49.33 | 44.73 | 44.73 | 47.82 |
| General Economic Condition-Expected | 50.88,57.29,55.17,51.97,51.97,52.38 | Diffusion Index | 50.88 | 57.29 | 55.17 | 51.97 | 51.97 | 52.38 |
| Exchange Rate Expectations | 61.06,56.67,58.11,65.82,65.82,63.29 | Diffusion Index | 61.06 | 56.67 | 58.11 | 65.82 | 65.82 | 63.29 |
| Inflation Expectations | 58.41,58.33,58.33,67.77,67.77,66.27 | Diffusion Index | 58.41 | 58.33 | 58.33 | 67.77 | 67.77 | 66.27 |
| Business Activity-Current | 52.21,49.79,56.71,49.61,49.61,55.75 | Diffusion Index | 52.21 | 49.79 | 56.71 | 49.61 | 49.61 | 55.75 |
| Business Activity-Expected | 55.09,59.38,60.98,60.94,60.94,62.9 | Diffusion Index | 55.09 | 59.38 | 60.98 | 60.94 | 60.94 | 62.90 |
| Employment-Current | 46.9,49.17,51.34,53.71,53.71,50.79 | Diffusion Index | 46.90 | 49.17 | 51.34 | 53.71 | 53.71 | 50.79 |
| Employment-Expected | 53.32,56.04,57.89,57.62,57.62,56.4 | Diffusion Index | 53.32 | 56.04 | 57.89 | 57.62 | 57.62 | 56.40 |
| Demand for Credit-Current | 56.16,54.29,55.9,53.33,53.33,56.49 | Diffusion Index | 56.16 | 54.29 | 55.90 | 53.33 | 53.33 | 56.49 |
| Demand for Credit-Expected | 56.62,57.39,58.33,55.06,55.06,59.09 | Diffusion Index | 56.62 | 57.39 | 58.33 | 55.06 | 55.06 | 59.09 |
| Access to Bank Credit-Current | 56.77,50,56.63,51.92,51.92,55.51 | Diffusion Index | 56.77 | 50.00 | 56.63 | 51.92 | 51.92 | 55.51 |
| Access to Trade Credit-Current | 55,57.07,54.69,55.68,55.68,58.62 | Diffusion Index | 55.00 | 57.07 | 54.69 | 55.68 | 55.68 | 58.62 |
| Average Selling Price-Expected | 61.73,62.39,60.24,63.28,63.28,62.3 | Diffusion Index | 61.73 | 62.39 | 60.24 | 63.28 | 63.28 | 62.30 |
| Input Prices - Expected | 64.44,62.32,63.06,68.95,68.95,66.35 | Diffusion Index | 64.44 | 62.32 | 63.06 | 68.95 | 68.95 | 66.35 |
| Average Financial Conditions-Current | 60.45,63.96,63.19,62.3,62.3,63.32 | Diffusion Index | 60.45 | 63.96 | 63.19 | 62.30 | 62.30 | 63.32 |
| Demand for your main Services-Expected | 54.87,56.25,56.76,57.81,57.81,56.6 | Diffusion Index | 54.87 | 56.25 | 56.76 | 57.81 | 57.81 | 56.60 |
| General Economic Condition-Current | 43.65,47.53,49.19,47.44,42.84,43.83 | Diffusion Index | 43.65 | 47.53 | 49.19 | 47.44 | 42.84 | 43.83 |
| General Economic Condition-Expected | 51.2,57.58,55.67,54.73,51.6,52.44 | Diffusion Index | 51.20 | 57.58 | 55.67 | 54.73 | 51.60 | 52.44 |
| Exchange Rate Expectations | 62.05,57.73,58.82,62.61,67.17,62.85 | Diffusion Index | 62.05 | 57.73 | 58.82 | 62.61 | 67.17 | 62.85 |
| Inflation Expectations | 62.23,57.97,59.56,64.51,69.4,66.08 | Diffusion Index | 62.23 | 57.97 | 59.56 | 64.51 | 69.40 | 66.08 |
| Production-Current | 45.54,46.58,50,47.79,48.21,51 | Diffusion Index | 45.54 | 46.58 | 50.00 | 47.79 | 48.21 | 51.00 |
| Production-Expected | 53.61,59.19,58.48,58.49,58.93,59.92 | Diffusion Index | 53.61 | 59.19 | 58.48 | 58.49 | 58.93 | 59.92 |
| Employment-Current | 45.86,48.35,49.5,49.26,49.56,49.25 | Diffusion Index | 45.86 | 48.35 | 49.50 | 49.26 | 49.56 | 49.25 |
| Employment-Expected | 51.26,55.92,55.55,53.88,54.66,54.9 | Diffusion Index | 51.26 | 55.92 | 55.55 | 53.88 | 54.66 | 54.90 |
| Demand for Credit-Current | 54.97,54.49,54.74,55.05,55.01,56.8 | Diffusion Index | 54.97 | 54.49 | 54.74 | 55.05 | 55.01 | 56.80 |
| Demand for Credit-Expected | 56.3,57.89,56.5,58.27,57.13,56.74 | Diffusion Index | 56.30 | 57.89 | 56.50 | 58.27 | 57.13 | 56.74 |
| Access to Bank Credit-Current | 53.81,50.95,53.01,54.14,55.06,53.21 | Diffusion Index | 53.81 | 50.95 | 53.01 | 54.14 | 55.06 | 53.21 |
| Access to Trade Credit-Current | 51.57,52.96,53.26,54.27,56.77,56.48 | Diffusion Index | 51.57 | 52.96 | 53.26 | 54.27 | 56.77 | 56.48 |
| Average Selling Price-Expected | 62.01,62.11,61.46,65.36,64.83,65.36 | Diffusion Index | 62.01 | 62.11 | 61.46 | 65.36 | 64.83 | 65.36 |
| Input Prices Expected | 65.33,63.16,63.45,67.94,68.88,67.62 | Diffusion Index | 65.33 | 63.16 | 63.45 | 67.94 | 68.88 | 67.62 |
| Total Order Books-Current | 46.11,47.52,48.21,49.22,50.31,50.11 | Diffusion Index | 46.11 | 47.52 | 48.21 | 49.22 | 50.31 | 50.11 |
| Stock of Finished Goods-Current | 48.78,51.63,50.86,50.49,52.43,51.98 | Diffusion Index | 48.78 | 51.63 | 50.86 | 50.49 | 52.43 | 51.98 |
| Demand for Company's Product-Expected | 58.29,61.89,62.15,60.62,62.2,62.24 | Diffusion Index | 58.29 | 61.89 | 62.15 | 60.62 | 62.20 | 62.24 |
| Current Capacity utilization | 61.94,67.23,72.51,65.26,67.71,63.58 | Percent | 61.94 | 67.23 | 72.51 | 65.26 | 67.71 | 63.58 |
| Investment in machinery-Expected | 54.66,57.61,56.31,54.84,55.61,54.11 | Diffusion Index | 54.66 | 57.61 | 56.31 | 54.84 | 55.61 | 54.11 |
| Quantity of Raw Material Purchases-Current | 52.16,53.38,51.3,55.54,53.88,53.81 | Diffusion Index | 52.16 | 53.38 | 51.30 | 55.54 | 53.88 | 53.81 |
| Average Supplier Delivery Times-Current | 50.84,51.04,50.19,53.8,53.24,51.42 | Diffusion Index | 50.84 | 51.04 | 50.19 | 53.80 | 53.24 | 51.42 |
| Average Financial Conditions-Current | 47.58,51.19,52.46,51.86,51.58,52.88 | Diffusion Index | 47.58 | 51.19 | 52.46 | 51.86 | 51.58 | 52.88 |
| Input Inventory Turnover-Current | 49.7,49.67,51.13,51.39,50.59,49.28 | Diffusion Index | 49.70 | 49.67 | 51.13 | 51.39 | 50.59 | 49.28 |
| Current Business Confidence Index | 46.3,48.39,51.43,48.95,47.66,50.08 | Diffusion Index | 46.30 | 48.39 | 51.43 | 48.95 | 47.66 | 50.08 |
| Expected Business Confidence Index | 52.18,57.57,57.48,56.52,55.69,56.92 | Diffusion Index | 52.18 | 57.57 | 57.48 | 56.52 | 55.69 | 56.92 |
| BCS - Purchasing Managers Index-Industry | 47.44,48.76,49.07,49.62,49.67,49.92 | Diffusion Index | 47.44 | 48.76 | 49.07 | 49.62 | 49.67 | 49.92 |
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Business Area | Real Sector | Dataset Name | Business Confidence Survey – Indices | Dataset Description | Policy makers around the world use Business Confidence Surveys (BCS) as leading indicator for economic activity as these surveys are particularly suitable for monitoring and forecasting the short term changes in the economy. Especially, a forward looking monetary policy requires input on expectations of different agents. Conventional data is often available with long lags; business activity indicators, if timely available, provide comfort to the policy makers for analyzing the current situation and taking appropriate policy actions to avert financial and other economic crises. These surveys also supplement the available quantitative data by providing motives and expectations behind their actions. A reliable system of qualitative short-term indicators can therefore be seen as a valuable complement to the system of quantitative statistics.
SBP is conducting Business Confidence Survey in collaboration with Institute of Business Administration. It aims to be representative of Pakistan’s businesses operating in various economic and geographic domains. The survey data is used to construct a business sentiment index, which significantly extends the information base for SBP’s forward looking policy making.
This survey targets large firms in manufacturing, services, construction, wholesale and retail trade and financial services sector spread across the country to seek their opinions on production, employment, demand for credit and economic conditions etc.
The survey used to be conducted every two months until February 2023. The frequency of the survey has been increased to monthly since then.
For methodology of calculations and indices, please refer to the methodology page here: https://www.sbp.org.pk/research/BCS-m.asp For more information on SBP surveys, visit https://www.sbp.org.pk/research/intro.asp
| Data Source | State Bank of Pakistan | Data Frequency | Monthly | Status | Active | Available Since | Oct-2017 | Available Upto | Apr-2024 | Last Refresh Date | 07-May-2024 | |
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